Bank interested in mutual society

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Talks with a bank interested in taking over the Presbyterian Mutual Society are at an advanced stage, Jeffrey Donaldson has said.

More than 9,000 people found their savings were frozen when the society went into administration in 2008.

The Lagan Valley DUP MP said developments could be announced in the new year.

"At least there is the hope of the savers having access to their savings," he said.

"It remains to be seen whether the figures stack up for the bank and indeed the level of government support that would be available for any such acquisition."

In February, members of the society voted overwhelmingly to allow the administrators to run down the company in an orderly manner over time, in the hope they would receive some of their money back.